Briefing: Hello TransTech seeking up to $1 billion in new round of financing

What happened: Chinese bike-rental platform Hello TransTech (formerly Hello Bike) is reportedly seeking to raise several hundred million dollars in new financing that would bump its valuation to $4 billion. In December, the company secured RMB 4 billion (around $580 million) in a financing round led by Alibaba’s Ant Financial and Primavera Capital Group, which valued the company at more than $2.5 billion.

Why it’s important: In February, the ride-hailing company launched its carpooling service in a bid to capture a larger share of the mobility market. At the time, the company said it would put RMB 500 million into promoting the new service, which is similar to ride-hailing giant Didi’s Hitch platform which has been suspended since September after the murders of two female passengers. Bloomberg reported last month the cash-hungry company was seeking to raise between $500 million to $1 billion. Co-founder Li Kaizhu said in an interview earlier this year that the company would seek an IPO in the future but did not specify a timeframe.